Lis Pendens in the House!: 512 Classon Avenue

The more we think about it, 4-Family's are the move. Some can gross upwards of $9K/month AND you get the biggest loan limit from FHA, $1.4M!

One of our favorites from the summer, 33 St. Marks, just closed at its asking price of $1.6M and looked well worth it.

Today's pick, 512 Classon Avenue, is a 4-Family brownstone with a relatively low price tag of $795K. The listing has been out since 3/27/10 and doesn't give too much information, or any pictures of the interior. However, it does claim, "Everything renovated. New boiler, roof. Electric in good condition." Throw in that it will be delivered vacant, and there's potential over here.

Granted, this block is kind of a cut-off point for us. This is the outer edge of Clinton Hill. Not particularly close to trains or amenities. Kinda noisy with the bus route and bus stop right across the street. We don't know the rental market over here that well, and by the time you're over here, maybe you just head to Bed-Stuy for cheaper prices and more space. But there's plenty of Pratt student rental potential, and this place has to make sense around $600/BR, if the 20' width allows for 2BR rentals.

We're glad they took down the barbed-wire fence that used to be up. It may not have been that long ago that it actually came in handy on this block:



Oh, and how could we forget? The Lis Pendens! Not to be confused with a foreclosure, this place will be foreclosed on if it doesn't sell or somehow settle the debt of $900K-ish that it was most recently purchased for. It's hard to keep track of this checkered property history:


(click to enlarge)

Pro's: 4-Family, rental income potential, supposed renovations, Pratt student rental market, edge of Clinton Hill at affordable pricing

Con's: edge of Clinton Hill, not much curb appeal, checkered/odd price history, off the beaten path

Ideally: this place is real and worth a look. Most likely, there's some catch.
Dear Realtor, a pic or two wouldn't hurt either.